The Icelandic takeover bid of West Ham has moved into pole position with manager Alan Pardew today meeting the businessman leading the consortium aiming to buy the club.

Eggert Magnusson, also a UEFA executive committee member and president of the
Icelandic FA, met Pardew this afternoon and talked through his plans for the
club.

Magnusson has already committed to working with Pardew, who has been under
pressure after a poor start to the season, and providing money for new signings
in the January transfer window if the takeover goes ahead.

The Icelandic consortium's team are continuing the process of due diligence -
inspecting the club's accounts - and a formal offer is expected to be made
within a week and perhaps as soon as Friday.

After being initially rebuffed by West Ham chairman Terry Brown, the
Magnusson-led bid looks to have surged far ahead of a rival attempt, which was
being headed by the Iranian-born Kia Joorabchian and backed by Israeli property
tycoon Eli Papouchado.

The Joorabchian consortium also went through the due diligence process and had
meetings with Brown and Pardew, but an offer has not materialised.

Brown now looks to be keener on Magnusson, who was given a guided tour of
Upton Park earlier this week.

Magnusson, who along with other members of the consortium are also putting up
some of the money, met West Ham chairman Brown last week and indicated he would
be prepared to offer £75million, with the bulk coming from equity rather than
borrowing, and would also be prepared to take on the £22.5million debt.